CDBG and NSP Community Development Block Grant Neighborhood - - PowerPoint PPT Presentation

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Jan 10, 2023 136 likes •269 views

CDBG and NSP Community Development Block Grant Neighborhood Stabilization Program NSP Congress established the Neighborhood Stabilization Program (NSP) for the purpose of stabilizing communities that have suffered from foreclosures and

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CDBG and NSP

Community Development Block Grant Neighborhood Stabilization Program

SLIDE 2

NSP

Congress established the Neighborhood Stabilization Program (NSP) for the purpose of stabilizing communities that have suffered from foreclosures and abandonment. The program is authorized under Title III of the Housing and Economic Recovery Act of 2008. American Recovery and Reinvestment Act

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NSP

NSP 1 $ 4 billion – formula grants to entitlement

cities

NSP 2 $ 2 billion – competitive funding

City of Garland Received $2.4 million of NSP 1

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NSP Eligible Activities

Acquisition, demolition, reconstruction and sale of

foreclosed properties (single and multi-family).

Revolving loan funds.

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City of Garland Use of NSP

Acquisition
Demolition
Reconstruction
Financing
Down-payment Assistance

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City of Galand NSP

Total Program Income:

$206,330

Annual Program Income:

$34,896

NSP Loan Portfolio:

8 loans -

Outstanding Projects:

Garland Housing Finance Corporation Demolition grant, $204,000

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NSP Outstanding Project – GHFC

$204,000
Demolish M iller Gardens Apartments – completed
Replace with 5 low income units.
Seeking closeout alternatives with HUD to revise
riginal agreement to achieve removal of slum and

blight.

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HUD HUD NSP NSPClos Closeou eout Gui Guidan dance ce

HUD seeks program closeout due to redundant NSP

and CDBG reporting, accounting and monitoring.

HUD issues closeout guidelines to entitlement

programs.

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Garland NSP Closeout Issues

After HUD closeout procedure, the City Council

must provide staff direction to budget $206,000 of NSP program income in the CDBG program.

After HUD closeout procedure, $34,869 in NSP

program income will be budgeted by City Council in the annual in the CDBG budget process.

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CDBG

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CDBG Great Homes (ARD)

Acquisition/ Re-hab/ Disposition Program
2018 CDBG proposed budget revision
1929 Del M ar – GHFC partnership project financed with

2108 CDBG. Utilize HOM E revolving loan funds to implement project. ($150,000)

City Council must authorize funding 1929 Del M ar

with HOM E funds.

City Council must program $150,000 in CDBG funds.

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Vietnamese Community (Senior) Center

Seeking $80,550 ($74,050 CDBG eligible) to update

and remodel center.

Staff recommends approval:

$80,550 for community center project $15,000 for construction project management $10,000 for contingency